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February 10, 2006


Futures hit a four-month high on Thursday, fell $0.04-$0.08/bushel today
-Increased fund interest causing increased volatility
-Fundamentals show tightening global supply, supporting the bull market
New IGC report shows world production down 20 MMT for 2006/07
Cold weather damage to winter wheat in Eastern Europe
Black Sea region expects 30% winterkill this year vs. 7% in 2005/06 crop year
CIS drought at planting caused 20% decline in winter acreage
10 million metric ton decline expected in the Black Sea region for 2006/07 (from 92 MMT)
Very dry in Southern Europe and U.S. HRW crop
Argentine crop down by nearly 4 MMT
India buying wheat for the first time since 1999
Iraq and Nigeria increasing demand
HRS bases down from last week
DON 1 ppm premium/3 ppm discount unchanged at +0.45/bushel to - $0.10/bushel to 2 ppm
PNW HRS 14.5 % protein spread up from last week, 15's unchanged
Barge rates continue to rise. Up 20-30% from 2 weeks ago on increased demand
Ocean freight rates seem to be bottoming out
U.S. dollar continues to strengthen against the euro and yen

(See attached file: PR060210.pdf)(See attached file: PR060210.xls)

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